Iamgold (NYSE:IAG) Reaches New 52-Week High - Should You Buy?

Key Points

• Iamgold Corporation (NYSE:IAG) hit a new 52-week high on Wednesday, trading at $14.21, up from a previous close of $13.60 with a volume of 968,483 shares.
• Analysts have raised their price targets for Iamgold; Royal Bank of Canada upped it to $14.00 and CIBC increased theirs to $19.00, signifying growing confidence in the stock.
• Despite missing earnings estimates with $0.13 per share against an expected $0.14, Iamgold reported a strong net margin of 40.61% and has institutional ownership at 47.08%.

Iamgold Corporation (NYSE:IAG - Get Free Report) TSE: IMG's stock price reached a new 52-week high on Wednesday . The stock traded as high as $14.19 and last traded at $14.21, with a volume of 968483 shares traded. The stock had previously closed at $13.60.

Analysts Set New Price Targets

IAG has been the topic of several research reports. Royal Bank Of Canada raised shares of Iamgold from a "sector perform" rating to an "outperform" rating and raised their price target for the stock from $9.00 to $14.00 in a research note on Wednesday, September 10th. CIBC raised their price target on shares of Iamgold from $10.40 to $19.00 and gave the stock an "outperformer" rating in a research note on Friday, October 10th. Zacks Research downgraded shares of Iamgold from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 15th. National Bankshares reissued an "outperform" rating on shares of Iamgold in a research note on Tuesday, June 24th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Iamgold in a research note on Wednesday, October 8th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $12.85.

Iamgold Trading Up 4.7%

The firm has a market capitalization of $8.19 billion, a price-to-earnings ratio of 10.21, a PEG ratio of 0.46 and a beta of 1.24. The business's 50-day simple moving average is $10.49 and its two-hundred day simple moving average is $8.23. The company has a quick ratio of 0.76, a current ratio of 1.47 and a debt-to-equity ratio of 0.31.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last announced its quarterly earnings results on Thursday, August 7th. The mining company reported $0.13 earnings per share for the quarter, missing analysts' consensus estimates of $0.14 by ($0.01). The company had revenue of $587.21 million for the quarter, compared to analyst estimates of $663.21 million. Iamgold had a net margin of 40.61% and a return on equity of 8.54%. Equities analysts forecast that Iamgold Corporation will post 0.67 earnings per share for the current year.

Hedge Funds Weigh In On Iamgold

Several institutional investors have recently bought and sold shares of IAG. Ritholtz Wealth Management acquired a new stake in Iamgold in the first quarter valued at $94,000. Louisbourg Investments Inc. purchased a new position in shares of Iamgold in the 1st quarter worth about $3,110,000. Cambridge Investment Research Advisors Inc. purchased a new position in shares of Iamgold in the 1st quarter worth about $647,000. Continuum Advisory LLC grew its stake in shares of Iamgold by 130.2% in the first quarter. Continuum Advisory LLC now owns 35,103 shares of the mining company's stock valued at $219,000 after buying an additional 19,853 shares in the last quarter. Finally, Golden State Equity Partners acquired a new stake in shares of Iamgold in the first quarter valued at about $125,000. 47.08% of the stock is owned by institutional investors and hedge funds.

Iamgold Company Profile

IAMGOLD Corporation, through its subsidiaries, operates as an intermediate gold producer and developer in Canada and Burkina Faso. It owns 100% interest in the Westwood project that covers an area of 1,925 hectare and located in Quebec; a 60% interest in the Côté gold project, which covers an area of 596 square kilometer located in Ontario, Canada; and a 90% interests in the Essakane project that covers an area of 274,000 square kilometer situated in Burkina Faso.

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